Urban Story Ventures, a real estate development company based in Chattanooga, Tenn., is eyeing former mall department stores as part of an expansion of its footprint into the Southeast United States, according to Chattanooga Times Free Press.
Urban Story Ventures recently acquired four former Macy’s stores at malls located in Florida, Texas and Tennessee, and the firm is planning to repurpose them for other uses such as suburban town centers. The developer has additional acquisitions in the pipeline.
While malls took a notable hit from the COVID-19 pandemic, developers are still seeing opportunities in this space. Many malls are located in or around mid-tier cities, which have experienced growth as people move from larger metro areas.
Jimmy White, co-owner of Urban Story Ventures, said the company is adjusting its approach to accommodate the needs of businesses and employees for a post-pandemic world.
“I foresee the mall as being the land of
